New listings of residential properties are rising in 2021. Kootenay Association of Realtors

New listings of residential properties are rising in 2021. Kootenay Association of Realtors

Strong Kootenay real estate market continues; new listings rising

New listings of residential properties are rising in 2021

While Kootenay real estate sales have been soaring for almost a year now, a consistent concern has been lack of inventory. But in the latest report from the Kootenay Association of Realtors, President Chuck Bennett says that while sales have been strong there is no downward trend in the number of new listings being added, and that since the beginning of 2021 new listings have been coming in at a faster rate.

“In the Kootenays, it is true that homes are currently selling with multiple offers. Not just compared to a small dip in sales in March last year but even looking at our performance in the last five years, we have sold more month-on-month. In such a scenario, inventory numbers are bound to be low.As average prices are bound to rise in multiple offer situations, as a realtor, I can attest that this is a good time for the sellers in the market. Which in turn is the reason why we will continue to see more new listings in the market through summer. There is a spike in average prices indeed, but it is more of a consistent rise that we see in healthy markets,” Bennett said.

A total of 372 residential unit sales were recorded by the Multiple Listing Service in March 2021 in the Kootenays, a rise of 84.1 per cent from March 2020. The average MLS® residential price in the region was $428,629, a 25 per cent rise from $342,708 recorded in the same month last year. Total sales dollar volume in March was $159.4 million, a 130.7 per cent rise over March 2020, which stood at $69.2 million.

“For the last five years we had seen consistent sales numbers but that trend has been disrupted by the pandemic. Such a change in market behaviour can be attributed to buyer fatigue that the region has seen since the 2016 hot market. As the demand for residential properties continues to grow, we will see this uptrend in the coming months as well,” Bennett said.

Year-to-date (YTD), Kootenay MLS® residential sales dollar volume in March was $372.9 million, 102.4 per cent higher as compared to the sum in the first 3 months last year. YTD residential unit sales were up by 60.8 per cent at 875 units, while the average MLS® residential price (YTD) was up by 25.7 per cent to $426,217. As of April 06, 2021, there were 865 active residential listings in the Kootenay region.

READ: Residential sales volume in Kootenay real estate continues its record-breaking run

READ: Hot Kootenay real estate market shows no signs of slowing



carolyn.grant@kimberleybulletin.com

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

FILE — In this March 31, 2021 file photo, a nurse fills a syringe with a dose of the Johnson & Johnson’s one-dose COVID-19 vaccine at the Vaxmobile, at the Uniondale Hempstead Senior Center, in Uniondale, N.Y. The U.S. is recommending a “pause” in administration of the single-dose Johnson & Johnson COVID-19 vaccine to investigate reports of potentially dangerous blood clots. In a joint statement Tuesday, the Centers for Disease Control and Prevention and the Food and Drug Administration said it was investigating clots in six women in the days after vaccination, in combination with reduced platelet counts. (AP Photo/Mary Altaffer, File)
72 new COVID-19 cases in Interior Health

This brings the total number of cases in the region to 9,666 since the pandemic began

Photo collage of loved ones lost to substance use and overdose. (Photo courtesy Moms Stop The Harm)
B.C. overdose deaths still rising five years after public health emergency declared

Moms Stop the Harm calls on B.C. to provide safe supply in response to deadly illicit drug use

The Kimberley Public Library is returning to curb side only borrowing for the next while. Bulletin file
Kimberley Public Library returning to curb side pick up only

Beginning today, Tuesday, April 13, 2021, the Kimberley Public Library will return… Continue reading

Kootenay-Columbia MP Rob Morrison. Photo courtesy Conservative Party of Canada.
MP Morrison hopes for economic recovery plan in upcoming federal budget

Kootenay-Columbia Conservative looking for post-pandemic recovery plan in next week’s Liberal budget

Restaurant patrons enjoy the weather on a patio in Vancouver, B.C., Monday, April 5, 2021. The province has restricted indoor dining at all restaurants in B.C. due to a spike in COVID-19 numbers. THE CANADIAN PRESS/Jonathan Hayward
B.C.’s COVID-19 indoor dining, drinking ban extending into May

Restaurant association says patio rules to be clarified

Titanic was the largest and most luxurious ship in the world. Photo provided and colourized by Jiri Ferdinand.
QUIZ: How much do you know about the world’s most famous shipwreck?

Titanic sank 109 years ago today, after hitting an iceberg

B.C. Premier John Horgan speaks at the B.C. legislature. (B.C. government)
Tougher COVID-19 restrictions in B.C., including travel, still ‘on the table’: Horgan

John Horgan says travel restrictions will be discussed Wednesday by the provincial cabinet

Protesters occupied a road leading to Fairy Creek Watershed near Port Renfrew. (Submitted photo)
B.C. First Nation says logging activist interference not welcome at Fairy Creek

Vancouver Island’s Pacheedaht concerned about increasing polarization over forestry activities

Flow Academy is not accepting membership applications from anybody who has received a dose of the vaccine, according to a password-protected membership application form. (Submitted image)
B.C. martial arts gym refusing patrons who have been vaccinated, wear masks

Interior Health has already issued a ticket to Flow Academy for non-compliance with public health orders

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Guinevere, lovingly referred to by Jackee Sullivan and her family as Gwenny, is in need of a gynecological surgery. The family is raising money to help offset the cost of the procedure. (Jackee Sullivan/Special to Langley Advance Times)
Langley lizard’s owners raise funds for gynecological surgery

The young reptile is scheduled for operation on Tuesday

Facebook screenshot of the sea lion on Holberg Road. (Greg Clarke Facebook video)
VIDEO: Sea lion randomly spotted on remote B.C. logging road

Greg Clarke was driving home on the Holberg Road April 12, when he saw a large sea lion.

Defence counsel for the accused entered two not guilty pleas by phone to Grand Forks Provincial Court Tuesday, Jan. 12. File photo
B.C. seafood company owner fined $25K for eating receipt, obstructing DFO inspection

Richmond company Tenshi Seafood is facing $75,000 in fines as decided March 4 by a provincial court judge

Most Read